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Personal Loan for Salaried or Self-Employed Individuals

A steady income source is essential for lenders to approve a personal loan for salaried or personal loan for self-employed individuals. The higher your income and credit score, the better your chances of approval for a salary loan or a personal loan for salary. Read more

FIRSTmoney Personal Loans: Tailored for Salaried or Self-Employed Individuals

With FIRSTmoney, both salaried or self-employed individuals can access personal loans up to ₹10 lakhs with flexible features. Read more

Features and Benefits of Personal Loans for Salaried and Self-Employed Individuals

Personal loans can be used for many reasons Personal loans can be used for many reasons

Quick approval of up to ₹10 lakhs for salary loans and instant personal loans for self-employed

Get approval Get approval

Attractive interest rates starting at 10.99%* per annum

The ability to avail more loans on-demand, in just a few clicks The ability to avail more loans on-demand, in just a few clicks

The ability to avail more loans on-demand, in just a few clicks.

flexible EMI tenures flexible EMI tenures

No foreclosure charges, allowing for early repayment flexibility.

Flexible EMI tenures ranging from 9 to 60 months, adaptable to your financial capacity Flexible EMI tenures ranging from 9 to 60 months, adaptable to your financial capacity

Flexible EMI tenures ranging from 9 to 60 months, adaptable to your financial capacity.

Financial Safety Net Image Financial Safety Net Image

Eligibility for individuals aged 21 to 60 years with a credit score of 730 or higher.

Reasons to Apply for a Personal Loan 
 

A personal loan for self-employed or salaried individuals is versatile and accessible, providing a financial cushion in diverse situations like weddings, vacations, and unexpected expenses. With FIRSTmoney, you can avail of an instant personal loan online for salaried or an instant loan for self-employed to meet needs like debt restructuring, down payments, or any other financial requirement.

 

Interest Rates and Charges for Salaried and Self-Employed Personal Loan
 

FIRSTmoney interest rates and charges at IDFC FIRST Bank include -

Types of Fees Applicable Charges
Interest rate Starting at 10.99% pa
Processing fees (including GST) Up to 2% of loan amount
Late payment fees Up to 2% of the unpaid EMI
Stamping charges As per actuals

How To Apply For Personal Loan For Salaried or Self Employed Individuals

Scan the QR code to apply

Step 1

Scan the QR code or apply online for an instant personal loan for salaried or instant personal loan for self-employed.

Register yourself using your mobile number

Step 2

Register with your mobile number

Confirm your basic details and check your personal loan for salaried employees’ eligibility

Step 3

Confirm basic details to check eligibility for a salary loan or a personal loan for non-salaried individuals.

Select the loan details, i.e., the loan amount, tenure, etc.

Step 4

Choose your loan preferences and link your bank account

Link your bank account

Step 5

Once verified, receive the loan amount in your account within 24 hours

Eligibility Criteria for Salaried and Self-Employed Personal Loan

To apply for personal loan for salaried employees, you will have to fulfil the FIRSTmoney eligibility parameters stated as follows–

Employment: Salaried or self-employed individuals Employment: Salaried or self-employed individuals

Employment: Salaried or self-employed individuals

Age: Anyone aged between 21 to 60 years can apply for this personal loan. Age: Anyone aged between 21 to 60 years can apply for this personal loan.

Age: Anyone aged between 21 to 60 years can apply for this personal loan.

CIBIL score: To obtain the FIRSTmoney smart personal loan, applicants need to have a good credit record and a CIBIL score of 730 and above. CIBIL score: To obtain the FIRSTmoney smart personal loan, applicants need to have a good credit record and a CIBIL score of 730 and above.

CIBIL score: 730 or higher for a personal loan for salaried persons or personal loan for non-salaried individuals.

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your personal loan application getting approved.

Required Documentation for Salaried and Self-Employed Personal Loan

Video KYC Video KYC

Display your PAN card for the VKYC verification.

Display your PAN card for the VKYC verification.

  

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Home Renovation - Fees and Charges

Enjoy competitive interest rates and minimal charges

View More

Get FIRSTmoney Smart Personal Loan of Different Amounts

₹5 lakh Personal Loan
₹5 lakh Personal Loan Arrow Right
₹4 lakh Personal Loan
₹4 lakh Personal Loan Arrow Right
₹3 lakh Personal Loan
₹3 lakh Personal Loan Arrow Right
₹2 lakh Personal Loan
₹2 lakh Personal Loan Arrow Right
₹80000 Personal Loan
₹80000 Personal Loan Arrow Right
₹70000 Personal Loan
₹70000 Personal Loan Arrow Right
₹60000 Personal Loan
₹60000 Personal Loan Arrow Right
₹50000 Personal Loan
₹50000 Personal Loan Arrow Right

Frequently asked questions

What is a personal loan for salaried employees?

Personal loans, like FIRSTmoney, are unsecured loans offered to individuals who require funds to fulfil certain obligations. These loans are called unsecured loans because lenders do not demand any collateral.

What are the eligibility criteria for personal loans for salaried or self-employed individuals?

The following are the eligibility requirements for a FIRSTmoney personal loan for salaried or self-employed individuals:

  • The applicant should be a salaried or self-employed individual
  • The salaried or self-employed individual should be aged between 21 years to 60 years
  • The applicant should have a credit score of 730 or more

What is the tenure for a personal loan for a salaried or self-employed individual?

The tenure for a FIRSTmoney personal loan for salaried or self-employed individuals is between 9 months to 60 months.

By using a personal loan calculator, you can compare different options and choose the one that fits your budget.

What can a personal loan for salaried or self-employed persons be used for?

Personal loans for salaried or self-employed persons can be used for financing a dream vacation, covering emergency medical expenses, consolidating debts, renovating a home, celebrating significant life events like weddings, funding education, etc. It enables salaried and self-employed individuals to address several financial needs efficiently and promptly, ensuring financial stability and peace of mind.

What is the minimum salary required to get a personal loan?

There is no minimum salary requirement to get a loan on salary account through FIRSTmoney. You just have to fulfil the other specified eligibility parameters.

How much loan can a salaried individual get?

The loan amount that a salaried individual can get depends on various factors, such as monthly income, credit score, employment stability, and the banks policies. You can get loans of up to ₹10 lakh with FIRSTmoney. The exact amount will be determined based on your financial profile and repayment capacity.

Can I get a loan if my salary is ₹15,000?

Yes, even with a salary of ₹15,000, you may qualify for a personal loan for salaried employees, subject to financial profile evaluation.

How to apply for a personal loan for salaried individuals?

To apply for a personal loan as a salaried person:

1. Start by scanning the QR code or clicking loan from your smartphone

2. Register using your mobile number and confirm basic/personal details to check your eligibility

3. Select the loan amount of your choice and choose flexible repayment terms

4. Link your bank account where you wish the funds to be disbursed

5. Complete the video KYC verification process with your physical PAN card.

What is the tenure for a personal loan for salaried individuals?

The tenure for a FIRSTmoney smart personal loan typically ranges from 9 months to 60 months. You can choose a tenure based on your repayment capacity and financial planning.

What are the processing fees for a personal loan for salaried individuals?

Processing fees for a FIRSTmoney loan is 2% of the loan amount including GST. 

What is the interest rate for a personal loan for salaried individuals ?

IDFC FIRST Bank offers low-interest personal loans with rate starting at 10.99% per annum for salaried individuals, subject to your credit profile and loan tenure. 

What is the tenure for a personal loan?

The tenure for a personal loan for salaried or self-employed individuals ranges from 9 to 60 months.

More FAQs